|Bid||269.80 x 0|
|Ask||273.00 x 0|
|Day's Range||257.96 - 283.60|
|52 Week Range||257.60 - 2,026.00|
|Beta (5Y Monthly)||0.28|
|PE Ratio (TTM)||104.77|
|Earnings Date||Mar 21, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Oct 10, 2019|
|1y Target Est||2,118.44|
Speaking generally, it tends to be the case that when investors get wind of something non public that might be beneficial to the share price, such as takeover interest, they’ll want to see it publicised. In our view, Quilter would be a good candidate for Private Equity, rather than public market, ownership at the present time, given the extensive ongoing restructuring and platform transformation project.
Ted Baker, which has not revealed the reasons for the overstatement, said a review by business consultants Deloitte had largely been completed and it planned to update the market further at its preliminary results, expected in late March. The overstatement was disclosed in December, weeks after the company appointed Rachel Osborne as its new finance head. It is the latest in a string of setbacks in the last year, including profit warnings, a decision to suspend dividend payments, and management changes after misconduct allegations against founder and top shareholder Ray Kelvin, which he denies.
Ted Baker has overstated its stock by £58m — more than double previous estimates — in yet another blow to the struggling fashion retailer. On Wednesday, the group said that an independent review had found its inventories, as reported at the end of the financial year to January 31 2019, were overstated by more than previously anticipated, leading to a 25 per cent writedown. The writedown is the latest bad news for the retailer, whose share price has slumped almost 90 per cent since January last year, after a string of profit warnings, the departure of two chief executives and its chairman.
(Bloomberg Opinion) -- Ted Baker Plc’s website cheerily invites customers of the quintessentially British fashion brand to “Dance into December” with an outfit for every occasion.That’s a stark contrast to the drumbeat of bad news pounding in investors’ ears. The shares fell as much as 36% on Tuesday after yet another profit warning and the resignation of the company’s chairman and chief executive officer. The company had already lowered expectations three times this year. Now it says pre-tax profit will be between 5 million pounds ($6.6 million) and 10 million pounds, far below previous expectations of between 25 million pounds and 30 million pounds. It also suspended the dividend.What was for many years one of Britain’s best performing clothing retailers has been plunged into crisis after its founder Ray Kelvin — who dreamed up Ted Baker and his quirky, classy fashion sensibility — resigned in March after allegations of inappropriate behavior toward female employees such as unwanted hugs.The departure of Chairman David Bernstein, with immediate effect, is not a surprise. He had been due to go in a year’s time anyway, and a search for his replacement is already underway. The resignation of CEO Lindsay Page shouldn’t be too much of a shock either. He was Kelvin’s right hand man and helped him build the business. The wisdom of keeping a figure who was so close to the founder in the top job was always questionable. His departure could allow a new management team to start with a fresh sheet to reinvigorate the brand and get Ted Baker’s house in order. With Kelvin at the helm, things were always done his way. Rachel Osborne, who recently joined as finance director from Debenhams Plc, steps into the breach as acting CEO until a permanent replacement can be found. She will no doubt work to bring more discipline to the group’s processes after the company discovered the overstatement of unsold goods. She will also have to prevent its balance sheet becoming stretched by the current crisis. A sale and leaseback of its head office, which could be worth about 60 million pounds, is one possibility.Still the group needs an executive with product and operational experience, capable of bringing back the Ted Baker magic. The brand, which operates in the premium segment of the market, is starting to look tired. That may explain why it has been hurt so badly by the current difficult trading conditions.There is one possible outcome, however improbable it may sound given the current difficulties. Kelvin may be tempted to buy back the brand he built. He still owns a 35% stake, and while its value has shrunk along with the group’s share price, so has the price he would have to pay to buy the rest. Ted Baker’s market capitalization is currently about 150 million pounds, compared with 1.4 billion pounds in March 2018. Assuming a 500 pence per share offer price, he would have to find about 150 million pounds.What’s more, although Page will continue to assist Ted Baker with a number of initiatives, under a 12-month contract, he should then be free to work with Kelvin on a bid if he chose to pursue one. This would reassemble the team that turned Ted Baker into one of Britain’s most successful retailers.The company has endured a dramatic fall from grace. But if Kelvin were to step into the fray, investors could soon be dancing to a different tune.To contact the author of this story: Andrea Felsted at email@example.comTo contact the editor responsible for this story: Melissa Pozsgay at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
European stocks lost ground on Tuesday for the seventh time in nine sessions, as the perilous state of U.S.-China trade talks lingers above the market.
The problems cap a tumultuous year for Ted Baker after misconduct allegations against Ray Kelvin, its founding former CEO and top shareholder, which he has denied. Like other British retailers, Ted Baker has been hit by weak consumer demand and last week pressure mounted on its management team when it said it may have overstated inventory by as much as 25 million pounds ($32 million). "Ted Baker is truly having the nightmare before Christmas," AJ Bell investment director Russ Mould said as the share price fell by as much as 35%, taking its losses for the year to 78%.
Monday's announcement comes at the busiest time of year for retailers and exactly a year after a misconduct scandal that forced founder Ray Kelvin to step down as chief executive officer. Finance chief Lindsay Page took over as CEO. "It (inventory issue) suggests that the business hasn't got a grip on its numbers which is a bit worrying considering that new chief executive used to be the finance director," AJ Bell investment director Russ Mould said.
The warning underlines the challenges facing Page, who became chief executive officer in April, after misconduct allegations against Ted Baker founder and top shareholder Ray Kelvin. Ted Baker and other high-street retailers face several challenges: weak consumer demand brought on by political uncertainty related to Britain's departure from the European Union, heavy discounting and the shift to online shopping. Other brands have also complained about a tough climate, although the world's second-biggest fashion retailer H&M reported its first quarterly rise in pretax profit in over two years on Thursday.
Shares in fashion brand Ted Baker crashed 39% on Thursday after the company swung to an unexpected loss and issued its third profit warning of the year. Yahoo Finance's Edmund Heaphy joins On The Move from London to discuss.